Business Statistics and Quantitative Analysis – Pennies for Your Thoughts

Topic: Pennies for Your Thoughts

Get Your Custom Essay Written From Scratch

We have worked on a similar problem. If you need help click order now button and submit your assignment instructions.

Get Answer Over WhatsApp Order Paper Now

Just from $13/Page

In many of the problems from last unit, you were given information about the population. For many of the variables, you assumed the variable had a normal distribution. What if the variables you are studying are not normally distributed? Here is your challenge – if the population is not normal, can you make any inferences about that population from your random samples?

As a class last unit, you have created a population of the ages of pennies. Your instructor will share this Penny Population document with you as an Excel file, that will include the histogram, mean, and standard deviation of this population of penny ages.

Main Post:

1) Describe the distribution shape of the population of penny ages (i.e., left skewed, symmetric, right skewed).

2) On your copy of the Penny Population document, randomly select 5 penny ages from this population. Calculate the mean of this Nickel Sample (sample size n = 5). How does this compare to the population mean?

3) On your copy of the Penny Population document, randomly select 10 penny ages from this population. Calculate the mean of this Dime Sample (sample size n = 10). How does this compare to the population mean?

4) On your copy of the Penny Population document, randomly select 25 penny ages from this population. Calculate the mean of this Quarter Sample (sample size n = 25). How does this compare to the population mean?

Needs help with similar assignment?

We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper

Get Answer Over WhatsApp Order Paper Now